We are so familiar with the word ‘Black Day’, but, is there anything like “Black Month”?
The crypto market has shown the most percentage of drop in November when the prices of leading crypto Bitcoin and other major Altcoins dropped to their lifetime worst. As per the stats of CoinMarketCap, the crypto market lost around $70 million of its market capitalization. The world’s biggest cryptocurrency led to $3,606 after a massive drop from monthly high at $6,540 – around 45% drops in from the month’s highest price.
Bitcoin Cash in November
Bitcoin Cash had shown the worst performing among all the cryptocurrencies. The rate of BCH/USD tanked by 62% after the software upgrade controversy which imbalanced the stability of the cryptocurrency. The blockchain of Bitcoin Cash also underwent a hard fork in November which led to two other chains such as BTC ABC and BTC SV. Both of them later conducted a hash war to be called as original Bitcoin Cash. This war led on taking mining resources off PoW blockchains; included Bitcoin, and hence resulted into negative investment environment.
In the whole battle, BTC SV admitted defeat and made its way as a standalone project. The BTC/USD is trading at 173-fiat, which is 11.5% more from its yearly low of 155-fiat.
Similar Read: https://www.altcoinera.com/bitcoin-cash-trading-volume-spikes-7-times-in-crypto-market-recovery/
Impact on BTC and Altcoins
Not just Bitcoin but other cryptocurrencies also had a bad time in November. The Altcoins also didn’t fare well in the fluctuations of the crypto world. XRP, dropped by 40.4% from its highest value, whereas, Ether showed a drop of 47.5% in the same month. The fourth largest crypto in the world, Stellar, survived the month with just 30% of its market capitalization. The value of Stellar, in November, was not up to the market. The central asset of a semi-decentralized blockchain project EOS dropped by 45.65% in November.
If the Bitcoin drop down further, the global market capitalization will fall further in future. However, the virtual currency is expected to grow next year, which will have more space for institutional investors. If the prices go below $3500, then there would be more downside risk towards $2500.